FXTM Broker Review
Choosabroker ForexTime FXTM Broker Review
Choosabroker reviews online brokerage ForexTime which is commonly known as FXTM. FXTM serves clients in over 150 countries providing traders with access to several asset classes. FXTM also caters for a wide variety of account types with professional traders accessing more attractive trading terms.
| ForexTime Broker Benefits | ForexTime Broker Drawbacks |
|---|---|
| Access several asset classes on any device | Non-US shares are not available to trade |
| Suitable for traders with large account sizes | No cryptocurrency markets available |
| Over 170 US shares available to be traded | No social trading available |
Founded in Cyprus in 2011, online brokerage ForexTime has built up its business to serve over 2 million traders in more than 150 countries. Also known as FXTM, ForexTime serves both institutional and retail clients who want access to various financial markets. Analysts at Choosabroker have reviewed the ForexTime online brokerage to determine what forex traders best fit their services and which traders would be better served looking elsewhere.
FXTM Regulations & Customers
FXTM is licenced to operate by several regulators, including the FCA, CySEC, and the FSCA. The biggest markets ForexTime’s online brokerage serves are South Africa, the UK, and Latin America. FXTM also has customers in Europe, the Middle East, and Asia.
The funds of FXTM clients are segregated from the balance sheet of the brokerage. This means in the event of insolvency, the funds of clients can not be used to make business-related payments. In the event of bankruptcy, FXTM clients can also be compensated by the FSCS for up to £85,000.
Some regions are restricted from using the brokerage services of FXTM. The United States, Canada, and Japan are notable examples of restricted areas.
Major Asset Classes Available to Traders
| Asset Class | Number of Markets Offered | Major Instruments |
|---|---|---|
| Forex | 19 Major Forex Pairs, 21 Minor Forex Pairs, 17 Exotic Forex Pairs | AUD/USD, EURNZD, USD/JPY |
| Commodities | 3 | UK Oil (spot market), US Crude Oil (spot market), US Brent (spot market) |
| Indices | 11 | German Dax 30, US SPX 500 Mini, Us Tech 100 Mini |
| US Shares | 170+ | Apple (AAPL), Cisco (CSCO), Baidu (BIDU) |
| 5 | Gold against USD, Silver against USD |
Over 50 forex pairs are available to FXTM traders. Forex has become an extremely popular asset class for online traders and ForexTime traders get access to the most popular forex pairs.
Traders can also access markets for commodities, indices, precious metals, and shares through CFD instruments. This allows online traders to speculate with both long and short positions while also having the option to leverage their trading position.
Trading Platforms and Leverage
Leverage allows traders to tap into greater returns when the market moves in the direction which the trader anticipated. However, it also means that the trader’s position will be liquidated faster if the market moves against the trade.
FXTM customers can access leverage up to 1:30 in some circumstances. In many cases, how much leverage FXTM traders can access is contingent on their prior experience. What financial product the customer is trading is also taken into account when determining leverage capabilities.
The primary trading software offered by FXTM is MetaTrader 4 (MT4). ForexTime makes it possible for their users to access MT4 through PC, MACD, mobile, tablet, or web browser.
Furthermore, users have the option to download a proprietary mobile app developed by FXTM. This alternative to MT4 provides FXTM users with access to their trading account, the financial markets, and analysis tools.
FXTM Trading Accounts
Traders have the options to trial the features of FXTM before setting up an account. If traders proceed with setting up a trading account, they will have several options.
Based on how much capital the trader is starting with, they can choose between a standard account, a micro account, or an ECN account. ECN accounts are the highest tier of account, requiring a minimum deposit of $500. ECN accounts connect traders with other market participants through an electronic network and allow them to tap into tighter trading spreads.
The standard and micro trader accounts are more suitable for forex customers with smaller account sizes. The standard account requires a minimum of $100 deposit while the micro account requires a minimum deposit of $10. Both of these accounts offer the same trading spreads. The only difference is traders setting up a micro account can trade in smaller amounts.
FXTM traders with large account sizes can access more attractive trading terms by getting approval for a professional account. Professional traders need to meet two of the three following requirements:
- Trade at least ten lots per quarter for the last four quarters
- Have an account size greater than €500,000
- Have professional experience working in the finance sector for at least twelve months
ForexTime Trading Content
The FXTM market analysis team provides updates on price movements on a daily basis. FXTM analysts produce a wide variety of market-related trading content in both written and video format.
In addition to regular updates regarding market developments, the ForexTime team has created a library of educational resources. The FXTM educational library includes resources such as forex guides, forex ebooks, a forex glossary, and a host of trading strategies.
The FXTM market analysis team regularly host webinars and seminars for traders. Traders also have access to several tools on the ForexTime website. Tools accessible to ForexTime traders include an economic calendar and news timeline.
What Traders Does FXTM Best Serve?
There are multiple upsides to choosing FXTM as your primary online brokerage. ForexTime trades will get access to a wide variety of forex trading options, over 170 US shares, and the MT4 trading platform accessible on every device.
Furthermore, those forex traders with large account sizes can apply for a professional trading account to access better trading terms and execution on their orders. However, there are other online forex brokerages with wider access to the markets, international shares, and also access to niche markets such as cryptocurrencies.
For wider access to markets including products such as cryptocurrencies and shares, we can suggest brokers such as XTB, City Index, and eToro. eToro traders will also be able to tap into a popular social trading service where they can assess how other market participants are trading.
However, if choosing FXTM, traders will find an online brokerage with a strong overall suite of services. ForexTime traders will have access to versatile trading platforms, a wide array of markets, and can have the flexibility of being able to trade on any device.
Choosabroker considers FXTM to be best suited for a trader of any account size who is comfortable with the MT4 software and is satisfied with the markets offered by the forex broker. Those forex traders who wish to access the widest choice of markets or social trading services can consider other brokers on Choosabroker.
Education
New traders can access various educational resources through FXTM, including live online seminars and tutorial videos. In addition, you can access multiple learning tools, such as the demo account.
Besides being able to support clients using the popular MT4 and MT5 platforms, FXTM also provides various features designed to make it easier for new traders. One of these is its flexible managed accounts, ideal for people looking to make money in the market but not ready to trade on their own.
For experienced and high-volume traders, the advantages of tight dealing spreads and the ability to access the market through an electronic communication network (ECN) are very beneficial. They can also expect to receive a small commission when using an ECN account.
FXTM has partnered with industry experts to produce regular online seminars designed to help new traders learn about the various aspects of forex trading. These sessions are usually conducted in multiple languages and cover a wide range of topics.
These sessions are usually held in major urban centers and are presented by industry experts. These events aim to provide new traders with the opportunity to ask questions and connect with other people in their local area.
The videos produced by FXTM are designed to help new traders learn about the various aspects of the forex market. They also cover fundamental analysis and the use of indicators. In addition, the videos feature personal psychology and market trading.
FXTM’s online library has a wide variety of books that can help new traders improve their trading results. Some of these include the Elliott Wave Theory and the Bearish Japanese Candlesticks and strategies.
Besides the educational materials, FXTM also publishes a variety of articles that cover a wide range of forex topics. This allows new traders to easily identify the jargon commonly used in the industry.
FXTM provides various trading instruments, such as currency pairs, index CFDs, and stock baskets. Although its selection of commodities and index CFDs is limited, the overall choice of instruments is competitive. The company offers 452 stocks for investors looking to make direct investments in US-listed stocks.
One of the main features that stand out about FXTM is its proprietary copy trading platform, which is known as FXTM Invest. This allows investors to follow multiple strategy managers. Although the community is not as large as other services, the company still audited and verified all the top 75 managers.
Security
Since it is a regulated broker, FXTM can provide its customers with a secure and safe trading experience. The company holds licenses in various jurisdictions, such as the UK. Its customers can receive compensation of up to £85,000 in the event that the broker goes bankrupt.
As it expands its operations in Africa, FXTM is acquiring a license in Kenya. In February 2021, the company decided to cease its retail operations due to the uncompetitive framework introduced by the ESMA. Clients of the EEA can still trade with the company’s other subsidiaries.
The company’s regulatory framework guarantees its customers superior protection and competitive trading conditions. As a member of the Financial Commission of Hong Kong, FXTM can provide its customers with a compensation fund to protect them from fraudulent activities. The company’s compensation fund can save its customers from losses of up to 20,000 per claim.
FAQ
How do I create an FXTM account?
New clients can easily register for an account with FXTM by going to its website, which takes less than 20 seconds. They only need to provide a valid mobile phone number to start the process.
What is FXTM’s trading fee?
The various costs associated with a trading account are based on the type of asset, the trading volume, and the commission-based option. For instance, the lowest trading costs are offered by the commission-based option.
How long does the withdrawal process at FXTM take?
Depending on the payment processor, it can take up to 5 business days for a client to receive their funds. However, most online payment providers will immediately credit a client’s account once the transaction has been completed.
What is the Cent account?
The FXTM Cent account is an account that offers a commission-free trading option that allows clients to trade with a minimum transaction volume of 0.01 cent lots or ten units. The minimum deposit is only $10 for the FXTM Cent account.
Do I have to pay an inactivity fee if I don’t make a trade within a month?
FXTM charges an inactivity fee when a client has not made a trade for six months. You’ll have to pay $5 per month afterward.
Fixed spreads
Variable spreads
Stop losses
Limit orders
One-click trading
Trailing stops
Expert advisors (EAs)
Virtual private server
Direct market access
STP broker
ECN broker
Market maker
Price alerts
Signal trading
Watchlists
Charting tools
iOS App
Android App
Windows App
Major Stock markets (US UK Germany)
Indices
Penny stocks
Forex
Majors
ETF
CFDs
Bitcoin
Commodities
ETFs
IPO
Options
Futures
Bonds
Hong Kong stocks
Japanese stocks
Listed on Stock Exchange
Scalping
Hedging
Demo account
Islamic account
Micro account
Standard account
VIP account
Zero spread account
Managed account
Credit cards
Bank transfer
PayPal
Neteller
Skrill
Electronic wallets